Publicly traded companies have to file 10-K's, and failure to file ends in delisting. Similarly nonprofits have to file Form 990 or get their tax-exempt status revoked.
Meanwhile "the failure to furnish a social purpose report does not affect the validity of any corporate action" (https://app.leg.wa.gov/RCW/default.aspx?cite=23B.25.150) and the sole remedy is for a shareholder to request production of a report after 2 years.
Meanwhile "the failure to furnish a social purpose report does not affect the validity of any corporate action" (https://app.leg.wa.gov/RCW/default.aspx?cite=23B.25.150) and the sole remedy is for a shareholder to request production of a report after 2 years.
But failure to pay the annual filing fees is grounds for immediate dissolution (https://app.leg.wa.gov/RCW/default.aspx?cite=23.95.255)
I think the story is that Washington SPCs are LLCs in pretty much every aspect besides shareholder-board disputes.